## Answers

LEONE COMPANY | |||

SCHEDULE OF COST OF GOODS MANUFACTURED | |||

For the year ended December 31, 2017 | |||

Direct materials: | |||

Raw materials inventory, December 31, 2016 | 161,200.00 | ||

Raw material purchases | 968,000.00 | ||

Raw materials available for use | 1,129,200.00 | ||

Less: Raw materials inventory, December 31, 2017 | 182,000.00 | ||

Direct materials used | 947,200.00 | ||

Direct labor | 688,800.00 | ||

Factory overhead: | |||

Factory supervision | 127,800.00 | ||

Factory supplies used | 7,700.00 | ||

Factory utilities | 44,000.00 | ||

Maintenance expense-Factory equipment | 36,100.00 | ||

Rent expense-Factory building | 79,300.00 | ||

Depreciation expense-Factory equipment | 33,900.00 | ||

Indirect labor | 56,100.00 | ||

Miscellaneous production costs | 10,100.00 | ||

Total factory overhead costs | 395,000.00 | ||

Total manufacturing costs | 2,031,000.00 | ||

Add: Work in process inventory, December 31, 2016 | 19,500.00 | ||

Total cost of goods in process | 2,050,500.00 | ||

Less: Work in process inventory, December 31, 2017 | 20,300.00 | ||

Cost of goods manufactured | 2,030,200.00 | ||

LEONE COMPANY | |||

INCOME STATEMENT | |||

For the year ended December31, 2017 | |||

Sales | 4,456,800.00 | ||

Cost of goods sold: | |||

Cost of goods manufactured | 2,030,200.00 | ||

add: Finished goods inventory, December 31, 2016 | 168300 | ||

Goods available for sale | 2,198,500.00 | ||

Less: Finished goods inventory, December 31, 2017 | 143100 | ||

Cost of goods sold | 2,055,400.00 | ||

Gross profit from sales | 2,401,400.00 | ||

Operating expenses: | |||

Selling expenses: | |||

Depreciation expense-Selling equipment | 10,100.00 | ||

Rent expense-Selling space | 25,300.00 | ||

Sales salaries expense | 399,900.00 | ||

Advertising expense | 26,100.00 | ||

Total selling expenses | 461,400.00 | ||

General and administrative expenses: | |||

Rent expense-Office space | 29,000.00 | ||

Office salaries expense | 66,000.00 | ||

Depreciation expense-Office equipment | 8,700.00 | ||

Total general and administrative expenses | 103,700.00 | ||

Income before taxes | 1,836,300.00 | ||

Income tax expense | 271,600.00 | ||

Net Income | 1,564,700.00 |

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